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  • The Importance of Trust & Transparency: An Analysis of Enron, FTX, and Other Instances of Accounting Fraud

    Description:
    The following thesis emphasizes the importance of both trust and transparency in the American marketplace with respect to minimizing fraudulent activities through a thorough analysis of the Enron scandal, the FTX scandal, and other instances of accounting fraud. Moreover, this thesis ultimately serves as a means to educate others in such matters through an even more critical description of how such cases impact Americans from an economic regard. The thesis begins by describing the origins of Enron Corporation, in addition to Kenneth Lay and Jeffrey Skilling’s promotion of a belligerent work environment. This description further recounts how the many malpractices of Enron – such as its misuse of mark-to-market accounting techniques and special purpose entities – ultimately caused its own collapse. Continuing, the thesis relates this pattern of misconduct to FTX Trading Ltd, a cryptocurrency exchange that filed for bankruptcy after a series of reports concerning the company’s embezzlement of customer funds. This particular part of the thesis demonstrates the notably apparent role of fraud in contemporary society, as many other companies continue to exploit investors through a lack of transparency. The thesis then elaborates on the nature of fraud through an analysis of other cases like those of WorldCom, Waste Management, and Sunbeam Corporation. In reiterating the economic effects of these cases, the thesis also describes the overarching consequences of fraud with respect to investors, employees, creditors, and, most of all, the American public. Finally, the thesis elaborates on the contemporary importance of both trust and transparency by considering the implications of new industries, particularly those related to cryptocurrencies and non-fungible tokens. This includes an analysis of how companies may efficiently mitigate fraud by following regulatory standards and recognizing the socioeconomic responsibilities they have as institutions with vast influence.
    Subject:
    Accounting
    Creator:
    Memmolo, Alessandro
    Contributor:
    Brigid D'Souza, MBA, CPA, Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    06/13/2023
    Date Modified:
    06/13/2023
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper

  • Blockchain Technology: Applications, Limitations, and Implications of Adoption within Accounting

    Description:
    Blockchain technology is arguably one of the most significant technological innovations in recent memory. As a sophisticated digital record-keeping system, blockchain technology has the potential to revolutionize the way we conduct transactions and store data. In a world that demands greater transparency, effectiveness, efficiency, simplicity, and security, it is not surprising that technology is continuously evolving to meet these demands. From this, concepts such as artificial intelligence, virtual reality, cyber security, and cryptocurrency have emerged. Many of us in our respective fields may know of concepts such as cryptocurrency via the media. However, some may not know the deeper details concerning cryptocurrency, especially the fact that blockchain technology serves as the basis for digital currencies like Bitcoin and the reason for their existence. Since blockchain’s inception in 2009, an immense appeal has been observed, and businesses are attempting to employ blockchain technology for a number of benefits. The primary purpose of this study is to investigate blockchain technology and its historical context, as well as provide a comprehensive analysis of its applications and limitations. This study will explore the potential of this transformative technology to bring benefits in a range of applications, as well as the challenges that need to be addressed in order to maximize its potential. Additionally, a brief overview of the possible implications of blockchain technology, if adopted within the accounting field, will be illustrated to outline what this means for the future and the business world.
    Subject:
    Accounting
    Creator:
    Gallinaro-Gale, Nicholas Felice
    Contributor:
    Brigid D'Souza, MBA, CPA, Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    06/13/2023
    Date Modified:
    06/13/2023
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper